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Center for Catastrophic Risk Management and Compensation

The RAND Center for Catastrophic Risk Management and Compensation, or CCRMC, seeks to identify and promote laws, programs, and institutions that reduce the adverse social and economic effects of natural and manmade catastrophes by

Improving incentives to reduce future losses

Providing just compensation to those suffering losses while appropriately allocating liability to responsible parties

Featured Research and Commentary

Thousands of Houston-area homeowners will face massive, uninsured losses due to flood damage. Few homeowners buy flood insurance unless they are required to, and it's only mandatory for homes with mortgages located in FEMA-defined high-risk flood zones. People tend to ignore low-probability risks.

Hurricane Sandy highlighted the importance of efforts to promote resilience. Flood insurance is a key component, but it's hard to afford for some households in New York City. What are some options for a program that helps reduce the impact of higher premiums?

Man-made and natural disasters in the United States frequently cause personal injury and property damage to dozens, and sometimes even thousands, of people. After such disasters, victim compensation programs are sometimes created to compensate those affected. The design of such programs requires balancing the objectives of various stakeholders.

The changing scope and scale of disasters have altered the ways in which disaster management and financing are addressed. Businesses and nonprofit organizations are increasingly central to the process, offering critical support in immediate disaster response but also contributing necessary redevelopment funding that supports community recovery.

Researcher Spotlight

Lloyd Dixon is director of the RAND Center for Catastrophic Risk Management and Compensation and a senior economist at the RAND Corporation. His expertise includes insurance, compensation, and liability issues. He has also been lead investigator of a number of studies addressing environmental…

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